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Financial News
AIG draws down $70 bln of government loan, shares fall - Reuters
NEW YORK (Reuters) - American International Group Inc's (AIG.N: Quote , Profile , Research , Stock Buzz ) shares fell 15 percent on Friday amid mounting liquidity concerns after the insurer drew on $9 billion from a government loan in the last week ...

Marshall: Bailout bill painful, necessary - Macon Telegraph
U.S. Rep. Jim Marshall, D-Ga., said Monday that the nation's economy faces more uncertainty and a long road to recovery, but the rescue plan approved by Congress last week should ease the credit crunch and hopefully came in time to stave off a ...

The new villains: Dodd and Frank? - Politico.com
Republicans decided that targeting Christopher Dodd (right) and Frank – not terribly well known outside the Beltway -- might make for good campaign rhetoric. John McCain and his Republican allies have elevated an unlikely pair of political villains ...

Brandon Barber Offices Foreclosed - Morning News
SPRINGDALE -- Lenders to Brandon Barber had another day in court Wednesday. Legal counsel for Legacy National Bank and Citimortgage had to sort out consent judgments and foreclosure decrees on the Old Missouri Office Building in Springdale, and a ...

Buyout Rumors Swirl For National City - NBC4 Columbus
CLEVELAND -- The Wall Street Journal says a bank from Pittsburgh and another from Canada each has an acquisitive eye on National City Bank. The Cleveland-based National City has been the target of bank-failure rumors in recent weeks -- a charge ...

State Treasurer and Local Business Owner React to Billion Dollar ... - KTVN.com
We'll be learning more about the government bailout plan in the coming days. But, how do local business owners feel aout the bill, just a couple of days after it passed in Congress? The government will be able to buy up to $700 billion in assets tied ...

Credit and Debt - Newsday
NEW YORK (AP) _ The jammed credit markets barely budged Monday as European governments scrambled to prop up their failing banks and investors waited for details on how, exactly, the Treasury will go about buying $700 billion of U.S. banks' mortgage ...

Candidates file finance forms - Sand Mountain Reporter
GUNTERSVILLE — All six candidates vying for seats in Tuesday’s Albertville City Council runoff elections filed their pre-election financial reports on time. The reports at the probate judge’s office are required by the state 10 to five days ...

Money No. 1 concern in S.C. - The State
Are S.C. residents better off now than four years ago? A look at South Carolina’s economy now — according to the latest figures available — and just before the 2004 presidential election. Bottom line? Job growth has been modest, unemployment is ...

China Offers Lessons - Forbes
Wharton China expert Marshall Meyer said that for those grappling with the American banking implosion, China's current economic situation is more relevant than its financial sector's experiences during the Asian financial crisis in the 1990s. With a ...

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Today's Mortgage Terms starting with F

  • Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac): A semi government agency that acquires conventional loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • Federal Housing Administration (FHA): A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.
  • Federal National Mortgage Association (FNMA or Fannie Mae): This agency purchases loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.
  • FHA Loans: Fixed or adjustable-rate loans that are insured by the U.S. Department of Housing and Urban Development. The purpose of FHA loans is to make housing more affordable, especially for first-time homebuyers.
  • First Mortgage: A mortgage which is in first lien, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
  • Fixed Rate Loan: Fixed-rate loans have interest rates and payments that are fixed through out the term of the loan.
  • Foreclosure: A legal process in which a mortgaged property may be liquidated to pay off a mortgage loan that is in default.
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